As a seasoned crypto investor who has witnessed the rise and fall of numerous blockchain projects, I find the latest move by RedStone to integrate with EigenLayer particularly intriguing. Having closely observed the oracle space for years, it’s clear that RedStone is positioning itself as a leader in this critical infrastructure sector.
RedStone recently introduced a data-verification service on the EigenLayer platform, making it the initial major oracle supplier to incorporate the Ethereum re-staking mechanism. According to RedStone’s announcement to CryptoMoon on October 23rd.
The service is still in testnet, but RedStone aims to create a “scalable framework that dynamically adjusts cryptoeconomic security as DeFi [decentralized finance] grows,” RedStone said in a statement.
On more than 50 different blockchain platforms, Redstone’s oracles are operational, securing a total value of approximately $3.5 billion in cryptocurrencies, as stated on their official website.
In simple terms, the deployment on EigenLayer demonstrates an advanced oracle system that strengthens its security using reassuring stakes, as explained by Alan Curtis, COO of Eigen Labs, in his statement.
External data sources like financial market information can be linked to blockchain networks through decentralized oracles, facilitating communication between the two systems.
Restaking refers to the process of utilizing a previously staked token, which is serving as collateral with a validator to earn rewards, across multiple protocols concurrently.
EigenLayer safeguards around 30 different external protocols, which are collectively referred to as Actively Validated Services (AVSs), and these services have approximately $11 billion in pledged collateral, based on information from DefiLlama.
As of October 22nd, the oracle service known as eOracle is currently operational on EigenLayer, boasting a security backing of around 9 billion dollars in Ethereum (ETH), as per the information provided by EigenLayer’s official website.
Major oracle services like RedStone and Chainlink are becoming more significant players in the conventional financial sectors, taking on greater roles.
As a researcher delving into the realm of blockchain technology, I am excited to share that on October 21st, I uncovered plans by Chainlink to construct an on-chain database for corporate actions. This innovative system will be powered by artificial intelligence (AI) and decentralized oracle technology. The aim is to revolutionize data availability and reliability in the corporate sector.
After the unbinding of their native token, EIGEN, on October 1st, EigenLayer is focusing on welcoming consumer Web3 applications into their platform, as shared by its founder, Sreeram Kannan, during a recent conversation with CryptoMoon.
Initially, EigenLayer’s focus will be on applications within the cryptocurrency-oriented sectors, specifically DeFi (Decentralized Finance) and gaming. Afterward, it plans to broaden its scope beyond the Web3 realm, as mentioned by Kannan.
Kannan stated, “Initially, we’re concentrating on developing applications for high-volume consumers in the fields of DeFi and gaming. As we expand and gain a substantial following, we’ll extend our reach to encompass a wider range of consumer markets.
EigenLayer intends to attract restakers by offering them a rewards program that operates automatically, as announced on September 17.
The system will give out EIGEN tokens, which make up around 4% of the total number of tokens, as a prize for those who stake their coins.
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2024-10-23 16:02